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Showing posts from September, 2008

Maducon Projects

Company Update: Madhucon Projects Ltd (MPL)
• Madhucon projects is set to benefit from continued focus of government on infrastructure especially road projects
• Company’s core business is diversified across roads, buildings, irrigation and power while construction on the road BOT projects is likely to get over in FY10.
• We upgrade our price target for the company based on significant re-rating of the construction sector post the election results
• We now value core business of the company at 7.5x one year forward earnings as against 4x assumed earlier and arrive at a price target of Rs.167 on sum of the parts methodology based on FY10 estimates. (Rs.113 earlier). However, based on limited upside from the current levels, we downgrade the stock to ACCUMULATE from BUY earlier.

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Disclosure Policy - Investrading

This policy is valid from 18 June 2008

This blog does not accept any form of advertising, sponsorship, or paid insertions. We write for our own purposes. However, we may be influenced by our background, occupation, religion, political affiliation or experience.

This blog abides by word of mouth marketing standards. We believe in honesty of relationship, opinion and identity. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post will be clearly identified as paid or sponsored content.

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